BitMine reported revenue of $46.5 million for the three months ended May 31, a 22x year-on-year increase driven by staking and validation which made up $45.7 million (98%); the company has staked 4.9 million ETH, 85% of its 5.77 million ETH holdings, and projects annualized staking revenue near $242 million. Despite the staking-driven crypto revenue and a corporate ETH treasury of about 5.77 million ETH (roughly $10.5 billion or 4.8% of supply), BitMine recorded a nine month net loss of $9.1 billion largely from a $9.04 billion unrealized markdown on ETH, with the quarter narrowing to an $83.6 million net loss, underscoring that revenues now depend on staking adoption but remain exposed to ETH price volatility and derivative losses.

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In Brief

BitMine revenue jumped 22x to $46.5 million dominated by staking.
Staking and validation delivered 98% of revenue, up from zero last year.
The $9.1 billion net loss was driven by unrealized markdowns on ETH holdings.

BitMine Immersion Technologies posted revenue of $46.5 million in the three months ended May 31, a 22x jump from a year earlier, even as a $9.1 billion nine-month net loss dominated its latest filing.

The loss stems almost entirely from a non-cash markdown on the company’s Ethereum (ETH) holdings. Underneath it, BitMine’s staking business scaled from almost nothing into the firm’s dominant revenue source.

Staking Drives BitMine’s Revenue

According to BitMine’s filing, revenue from staking and validation reached $45.7 million, about 98% of the total. A year earlier, that line was zero. The rest came from small self-mining and consulting lines, together under $800,000.

BitMine Revenue Sources. Source: BitMine 10-Q Filing

As of the latest data, BitMine has staked 4.9 million ETH, roughly 85% of its holdings, through its MAVAN validator platform. The company projects annualized staking revenue near $242 million.

“Annualized staking revenues are now projected at $242 million. And this 4.9 million ETH is 85% of the 5.77 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.70% (annualized),” said Tom Lee.

That income rests on a large ETH position. As of July 12, BitMine holds 5.77 million ETH, worth roughly $10.5 billion and equal to 4.8% of supply. The stake makes it the largest corporate ETH treasury.

The trend extends well beyond BitMine. One recent study found that staking accounted for 60% of disclosed revenue across listed ETH treasury firms in 2025.

A $9 Billion Loss That Missed the Numbers

The headline loss looks alarming, but the timing matters. BitMine’s $9.1 billion nine-month net loss came almost entirely from a $9.04 billion unrealized markdown on its digital assets, according to its SEC filing.

That damage landed as the value of its ETH holdings fell. In the three months ended May 31, the net loss narrowed to $83.6 million.

The period’s operating loss was $11.9 million. The bigger hit came from a $92 million loss on derivative contracts.

The split screen defines BitMine’s model. Its reported earnings will swing with ETH’s price, while its staking operation generates a growing revenue stream. The coming months will test whether staking income can offset that volatility.

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